CALGARY, Oct. 23 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)
is pleased to announce preliminary test results for the Tres Curvas-1 wildcat
exploration well yielded a combined 180 barrels of oil per day (bopd) from
61 feet of perforations in two Catatumbo formation zones. With the application
of appropriate artificial lift it is expected that rates will meet or exceed
original expectations of 300 bopd.
Tres Curvas-1 is located in the Catguas Block, Catatumbo Basin, north
eastern Colombia. Solana is the operator of the Catguas Block with a 100%
working interest. Trayectoria Oil and Gas, Sucursal Colombia holds a 15%
beneficial interest in the portion of the block containing the Tres Curvas-1
Tres Curvas-1 reached a total measured depth of 3,550 feet (3,518 true
vertical depth) on September 11, 2007 and a five zone cased hole testing
program commenced on September 16, 2007.
The drill stem tests (DST) and the logs and sidewall cores have
respectively confirmed that the targeted zones are significantly under
pressured and have high porosities and permeabilities. This combination most
likely resulted in formation damage during drilling which in all probability
restricted fluid inflow during testing.
DST-1 tested a 42 feet interval (3,362 - 3,404 feet) in the Catatumbo
formation. This interval was swabbed for three days and had a final swab rate
of 136 bopd (32 degrees API) with a 17% water cut. Subsequently, a jet pump
test was performed, however, a mechanical failure resulted in un-interpretable
data. Solana plans to re-evaluate this zone.
DST-2 tested an 18 foot interval (3,338 - 3,356 feet) in the Catatumbo
formation. This interval was swabbed for two days and briefly produced 56 bopd
with a 20% water cut after which the well stopped producing. Solana feels the
DST-2 interval has formation damage and plans to re-evaluate this zone after
an acid wash stimulation.
DST-3 tested a 19 foot interval (3,258 - 3,274 and 3,277 - 3,280 feet) in
the upper part of the Catatumbo formation. This interval was swabbed for three
days and had a final swab rate of 44 bopd (28 degrees API) with a 60% water
cut. Further evaluation of the data is ongoing.
DST-4 tested a 56 foot interval (3,074 - 3,116 and 3,122 - 3,136 feet) in
the lower Barco formation. This interval was swabbed for one day and produced
100 barrels of water and a trace of oil.
DST-5 tested a 14 foot interval (1,678 - 1,692 feet) in the Los Cuervos
formation. This interval was swabbed for two days and produced 124 barrels of
water and a trace of oil.
Due to a regulatory requirement to have reached total depth at
Cocodrilo-1 before November 27, 2007, Solana has decided to cease testing at
Tres Curvas-1 with the DWS drilling rig and move this rig to Cocodrilo-1
immediately. Cocodrilo-1 is the sixth well in Solana's 2007 six well
exploration program, and the second of the two well program Solana is
undertaking on the Catguas Block. Cocodrilo-1 is anticipated to spud around
November 9, 2007. To date, Solana has had three successes in its 2007
exploration drilling campaign.
Given the initial positive Tres Curvas-1 results, further testing to
determine optimal flow rates and initial reserves is required. A service rig
is being sourced to undertake this evaluation.
Mr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum
Geologist, is the qualified person who has reviewed the technical information
contained in this news release.
Forward Looking Statements
Certain information regarding the Company, including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities law and necessarily involve risks
associated with oil and gas exploration, production, marketing and
transportation such as loss of market, volatility of prices, currency
fluctuations, imprecision of reserve estimates, mechanical problems, equipment
limitations, environmental risks, competition from other producers and ability
to access sufficient capital from internal and external sources; as a
consequence, actual results may differ materially from those anticipated.
Solana Resources Limited
Solana (www.solanaresources.com) is an international resource company
engaged in the acquisition, exploration, development and production of oil and
natural gas. The Company's properties are located in Colombia, South America
and are held through its wholly owned subsidiary, Solana Petroleum Exploration
(Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
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